The 250 TR was developed under chief designer Carlo Chiti to replace Ferrari's 4-cylinder 2.0-litre 500 TR, integrating the Colombo-designed 3.0-litre V12 used in road-going 250 GT models. The first prototype debuted at the 1957 Nürburgring 1000 km on a modified 290 MM chassis. Andrea Fraschetti contributed to early development before his death during a test drive in 1957; Giotto Bizzarrini later contributed aerodynamic improvements for the 1961 season.
The designation "Testa Rossa" — Italian for "Red Head" — referred to the red-painted cam covers on the engine, a tradition carried over from the earlier 4-cylinder Testa Rossa.
The engine, designated Tipo 128, used a 1953-style cylinder block with a total capacity of 2,953 cc (73 mm bore, 58.8 mm stroke). Six twin-barrel Weber 38 DCN carburettors fed the engine, double the number used in standard 250 GT road cars. Single overhead cams, two valves per cylinder, and helical double-coil valve springs were used — the springs being a first for Ferrari, enabling stronger head clamping with 24 studs rather than the previous 18. Output was 300 hp at 7,000 rpm, a power-to-displacement ratio of 100 hp per litre that Ferrari regarded as a point of pride.
Connecting rods were machined from steel billet rather than forged, improving reliability at high rpm. A four-speed gearbox was used in 1957–1958 cars, replaced by a five-speed unit from 1959. Factory team cars sometimes used rear-mounted transaxles for improved weight distribution while customer cars had the gearbox directly behind the engine.
The 250 TR used a tubular steel spaceframe chassis with a wheelbase of 2.35 metres, extended 10 cm over the 500 TR. All 250 TRs had independent front suspension with coil springs. Customer cars retained live rear axles; factory team cars used de Dion or live axles pre-1960 and independent rear suspension from 1960 onwards in the TRI60 variant.
Drum brakes were used on all four wheels in 1957 and 1958, reflecting Enzo Ferrari's belief in their predictability during fade. Dunlop disc brakes replaced them on all factory cars from 1959.
The 1958 Scaglietti-designed body introduced the most iconic 250 TR styling: a cut-away nose flanked by pontoon-style fenders enclosing each front wheel, with channels to direct cooling air to the brake drums. This "pontoon fender" body was used on all customer cars but generated significant aerodynamic drag and high-speed instability, particularly on fast circuits. Factory cars progressively adopted revised bodies through 1958–1961 to address this.
For 1959, Pinin Farina redesigned the body with fabrication by Fantuzzi, replacing the pontoon fenders with a more aerodynamic shape. The 1961 TRI61 body by Fantuzzi was the most advanced iteration, featuring a gradual-slope windshield wrapping around the cockpit, a high Kamm tail, and a split "sharknose" front air intake — the same twin-nostril styling adopted on the 156 Formula 1 car. A full-width deflector panel along the top of the rear body was fitted after testing showed stability improvements, effectively making it one of the first cars to use a rear spoiler in competition.
The 250 TR achieved ten World Sports Car Championship victories. It won the 24 Hours of Le Mans in 1958, 1960, and 1961; the 12 Hours of Sebring in 1958, 1959, and 1961; the Targa Florio in 1958; and the 1000 km Buenos Aires in 1958 and 1960. The 1961 330 TRI/LM — a single car built on a damaged TRI60 chassis fitted with a 4.0-litre V12 — was the last front-engine car to win Le Mans outright, driven by Olivier Gendebien and Phil Hill.
Notable drivers who raced the 250 TR included Phil Hill, Olivier Gendebien, Luigi Musso, Peter Collins, Dan Gurney, Wolfgang von Trips, and Mike Hawthorn. The Aston Martin DBR1 was the 250 TR's closest rival, with Stirling Moss driving a DBR1 to victory over Ferrari at the 1958 Nürburgring 1000 km; DBR1s also deprived Ferrari of the 1959 Constructor's Championship. In total, 33 cars of all 250 TR variants were built between 1957 and 1962, of which 19 were sold to customer teams.
The Tipo 128 V12 carried on into the 250 GTO, 250 P, and 250 LM, which extended Ferrari's racing success well into the 1960s. Ferrari honoured the 250 TR's legacy by naming the 1984–1991 Testarossa road car after it, though the modern car used a flat-12 mid-mounted engine rather than the original's front-mounted V12.
The 250 Testa Rossa is among the most valuable vintage racing cars ever made. A 1957 example (chassis 0714TR) sold for €9,020,000 at the 2009 RM Sotheby's Maranello auction; the 1957 prototype (chassis 0666TR) brought $16.39 million at the 2011 Gooding & Company Pebble Beach auction; and chassis 0704 reportedly sold privately in 2014 for $39.8 million. Fashion designer Ralph Lauren's collection includes two 250 TRs.